He is willing to sign a 5 year lease with me, I do renovations and then I can rent it out until the 5 years are up (I plan to include a buyout clause if he changes his mind) He gets the home renovated, I get into real estate without having to buy a home right now.

For example: Individuals, C Corps (including RIC's, and REIT's), Partnerships, Common Trust Funds, Qualified Settlement Funds, Disputed Ownership Funds, etc.3.

Also, it's imperative to check all plumbing and electrical, including smoke/CO detectors.  

My wife and I had to put down about $2,500 total cost after the new homebuyers' assistance program, whih ended up being 1% down, including fees.

The hml is for $50k which includes 30k rehab expense.

What else should the contract include?

We also finished the basement by adding a 4th bedroom, and a half bath since there was already an existing waste line.

If you have the funds to finish the rehab, keep the 1st happy until you can sell, that’s probably your best option.

I am trying my hand at this while I work toward the finish line on my second retirement.

I complete the full house sale contract with the addendum, and take a substantial earnest money.I include that the earnest money is non-refundable in the event that the lease expires.